Business, 18.12.2019 02:31 TheOneandOnly003

Trayer corporation has income from continuing operations of $290,000 for the year ended december 31st, 2017. it also has the following items (before considering income taxes).

1. an unrealized loss of $80,000 on available-for-sale securities.

2. a gain of $30,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $40,000 gain on disposal).

3. a correction of an error in last year's financial statements that resulted in a $20,000 understatement of 2016 net income. assume all items are subject to income taxes at a 20% tax rate.

prepare an income statement, beginning with income from continuing operations.

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Trayer corporation has income from continuing operations of $290,000 for the year ended december 31s...

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